Two House bills would increase use of XBRL

12/21/2009 | WebCPA

The U.S. House passed a bill earlier this month that would simplify mandatory financial reports for companies receiving federal funds, by having federal agencies collect the data in a uniform, searchable format using XBRL. Separately, the massive regulatory reform bill passed Dec. 11 contains provisions aimed at increasing the use of XBRL, a form of tagging that would make the reporting of financial information easier for investors to understand. More information on XBRL, which was started by a CPA and received early support from the AICPA, is available from the AICPA Web site.

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